Accelerate Resources Ltd (ASX:AX8) is trading higher after confirming lithium mineralisation from its detailed mapping and follow-up sampling programs at its Prinsep Lithium Project in West Pilbara.
Notably, the campaign has extended individual outcropping pegmatites within the Northern Pegmatite System up to 1.8 kilometres, with outcrop widths up to 60 metres.
Significant new rock samples from Prinsep Lithium Project include:
- 2.06% Li2O - Sample ID AA351;
- 1.63% Li2O - Sample ID AX03083;
- 1.14% Li2O - Sample ID AX03074;
- 1.07% Li2O - Sample ID AX03071;
- 1.05% Li2O - Sample ID AX03084; and
- 1.02% Li2O - Sample ID AX03085
Shares up
Investors have welcomed the sampling results with shares as much as 36.6% higher on the ASX this morning to $0.056 after hitting a new 12-month high of $0.064 last week.
Looking ahead, planning is underway for a maiden shallow drilling program, which will be conducted as soon as possible following DMIRS Program of Works approval and heritage clearance approvals.
The Prinsep Lithium Project hosts the most advanced target within Accelerate’s broader Karratha Lithium Projects, which comprises around 90 square kilometres of prospective ground located in close proximity to mining services.
Mapping and sampling
Recent detailed mapping and follow-up sampling utilising newly acquired high-resolution imagery, has confirmed two strike extensive zones of pegmatite along the Prinsep north and south trends, with additional cross-cutting dykes occurring between these zones.
Assay results from rock chip sampling continue to confirm and substantially extend the strike of lithium-bearing pegmatites.
Higher grade results include 1.02% lithium in the west and 1.63% Li2O in the far east of the outcropping northern trend.
A peak assay result of 2.06% Li2O was returned from the southern trend. Rock chip results and locations.
Photos of coarse-grained spodumene in pegmatite (left) and under UV light (right) from Prinsep Project
Other projects
Further reconnaissance was undertaken at the company’s Mt Sholl, Mt Sholl East and Roebourne South projects. At Mt Sholl East, preliminary investigations have identified broad zones of pegmatitic granite and discrete pegmatite dykes.
Preliminary rock chip samples have been taken and submitted for assay.
Further work, including detailed mapping and sampling, will be prioritised to determine lithium prospectivity in this area.
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